(1) A county that does not qualify as a high-unemployment county, as defined in § 15-4-1702, but has experienced a sudden and severe period of economic distress caused by the closing of a business entity that results in the loss of a minimum of five hundred (500) full-time permanent jobs or a minimum of five percent (5%) of the employed labor force, as determined by the most recent “Labor Market Information” publication published by the Division of Workforce Services, may be designated as a high-unemployment county by the Arkansas Economic Development Council.
(2) The designation as a “high-unemployment county” shall be in effect for one (1) year after the closing of the business.